Consols on Wednesday were above par, for the first time
since 1852. The remote cause of this high price is, of course, the depres- sion in business, and the difficulty of employing money safely in loans at call, except at very low interest; but the immediate cause is a Post-Office scheme for facilitating small investments. Any post office with a savings-bank will now purchase Consols for any investor in sums not under £10, and not exceeding £100 in a single year, or £300 in all. The charge will be 9d. for all sums up to £25, and 6d. for every £25 beyond. The Office will collect the dividends without charge, crediting them in the savings-bank to the investor, or will give any holder of £50 or more a stock certificate, with coupons attached. The limita- tons on amounts are intended to protect brokers and bankers from competition by the State ; but the effect of the scheme is that the poor can buy Consols as easily as the rich, and without telling anybody. The dealers instantly discerned that this arrangement would gradually create a great demand for Stock, and carried prices above par. The social effect of the measure can only be beneficial, every holder of Consols being bound over Fro Santo to desire the prosperity of the kingdom. Mr. Glad- stone will find, however, should these investments become popular, as the French Government has found, that conver- sions will be, politically, very dangerous. The people will expect their three per cent.
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